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Bitcoin SV [BSV] surges by 9.23% over the day as Binance Coin [BNB] slips

Namrata Shukla

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Bitcoin SV [BSV] gains 9.23% over the past day while Binance [BNB] slips
Source: Pixabay

The cryptocurrency market is slowly recovering from one of the largest cryptocurrency exchanges in the world, Binance, being hacked. The price of Binance [BNB] plunged on May 9. However, its rival coin, Bitcoin SV [BSV], appeared to be soaring. Bitcoin SV saw a major price rise over the past day, after stagnating for a while.

Source: CoinMarketCap

Source: CoinMarketCap

At press time, BSV was valued at $57.73 with a market cap of $1.02 billion. The 24-hour trading volume was reported to be $147 million, while noting a rise of 9.23% over the past day. This was a major pump for the coin since its slump. The coin soared by 8.10% over the past seven days, but fell by 0.68% over the past hour.

Source: Trading view

Source: TradingView

However, BSV started to fall immediately after noting a sudden hike and plunged by 3.42% since. Since BSV was delisted from various major exchanges, it was highly traded on Huobi Global with BSV/USDT pair and noted a volume of $14 million. The second place was taken by ZBG, reporting a trading volume of $13.77 million with BSV/USDT pair. ZBG was followed by 55Global Market as it registered $13.23 million in volume with BSV/USDT pair. All top three trades for the coin were carried out with USDT pair.



This rise in price came a day after Changpeng Zhao aka CZ, Binance’s CEO, announced funding the legal fees of those who are being sued by Craig Wright. The CEO said,

“CSW is picking on the people who have a hard time fronting their legal fees. How about we do a @BinanceBCF charity program to raise money from the community for legal fees for anyone CSW sues?”

After the tweet, the exchange was hacked and Binance coin [BNB] plunged.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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